Techplayers hurt at AGMs

WA’S technology players are experiencing the fallout from April’s crash as shareholders used the annual meeting season to take retribution or at least extract concessions from directors. founder Annette Oliver and her husband Luke Atkins were dumped from the Internet retailer’s board after a boardroom spill resulted in a dramatic vote at the company’s AGM.’s Malcolm Day and his associate Rod Smith had their stake in the sex company clipped as part of a performance deal.

There was also which has battled with one of its co-founders and dumped board member, Kristine Condell, as well as reports of difficulties at MITC Corporate Pty Ltd which called in administrators to sort out a disagreement over financing with the company’s listed parent IPT Systems.

The WA scene, with a number of companies thought to be experiencing cash flow difficulties, reflects the sector’s trouble on a global level with the rate of technology stock collapses in the US doubling between October and November.

The situation is bad enough for regulators to place a high priority on the situation, particularly in WA which represents about one quarter of Australia’s listed technology companies.

Australian Securities and Investments Commission acting regional commissioner Michael Gething said technology companies were one of two key areas on his “radar scope”.

Mr Gething said Perth’s tech stocks would get special attention.

ASIC surveillance visits to companies have already prompted several stock exchange announcements.

Add your comment

BNIQ sponsored byECU School of Business and Law


6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
10th-The University of Notre Dame Australia6,708
47 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer